Planning for tomorrow starts today if you want to thrive

AS SOMEONE who's spent a career championing Welsh enterprise, I've seen firsthand the resilience, ingenuity and ambition of our business community.

- ROBERT LLOYD GRIFFITHS

But I've also seen too many businesses falter - not because they lacked talent or drive, but because they didn’t plan for what comes next.

That's why I was pleased to chair a webinar last week on succession planning and equity finance. Organised by the Development Bank of Wales, it brought together a panel of entrepreneurs, advisers and investors to explore how we can better support Welsh businesses through ownership transitions.

Let's start with the reality - 43% of SMEs have no succession plan in place. Nearly a third have been under the same ownership for over two decades. And yet, succession is often treated as a last-minute fix rather than a strategic opportunity.

As chartered accountants, ICAEW members are well placed to guide business owners through this journey. Chartered accountants understand the numbers, yes - but more importantly, we understand the people behind them and have longstanding relationships that allow us to ask the difficult questions: What's your plan for the future? Have you thought about who might take over? Do you know what your business is worth - and how you might realise that value?